Tax And Regulatory - Sample Questions

8 Questions | Total Attempts: 1723

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Tax Quizzes & Trivia

Sample Question Paper for Tax Proficiency Test (TPT)


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  • 1. 
    A company is required to pay 75% of its advance tax liability by which date:
    • A. 

      15 March of the previous year

    • B. 

      15 December of the previous year

    • C. 

      15 September of the previous year

    • D. 

      15 June of the previous year

  • 2. 
    Capital Gains arises from the transfer of:
    • A. 

      Any asset

    • B. 

      Any capital asset

    • C. 

      Land only

    • D. 

      All assets other than land

  • 3. 
    In the hands of the transferor, the transfer of capital asset by way of gift is:
    • A. 

      Taxable as income from Capital Gains

    • B. 

      Taxable as income from Other Sources

    • C. 

      Wholly exempt

    • D. 

      Exempt subject to certain conditions

  • 4. 
    Additional depreciation under Section 32(1)(iia) of the Income-tax Act,1961 is available to:
    • A. 

      Plant & Machinery only

    • B. 

      Plant & Machinery and Buildings

    • C. 

      Plant & Machinery and intangible assets

    • D. 

      All depreciable assets under the Income-tax Act, 1961

  • 5. 
    Deduction of profit and gains derived from export under section 10AA available to SEZ units is for __________ years.
    • A. 

      10

    • B. 

      5

    • C. 

      8

    • D. 

      None of these

  • 6. 
    If an assessee is rendering both taxable services as well as exempted services, what percent of exempted services can an assessee opt to pay, if separate books of accounts are not maintained?
    • A. 

      8 percent

    • B. 

      10 percent

    • C. 

      6 percent

    • D. 

      5 percent

  • 7. 
    • A. 

      At the time of removal of goods from the factory

    • B. 

      At the time of manufacture of goods

    • C. 

      At the time of receipt of payment from the customer

    • D. 

      At the time of entry in the books of account

  • 8. 
    Scripts of which of the following schemes can be purchased in the open market and be used to discharge Customs duty?
    • A. 

      Served from India Scheme

    • B. 

      Export Promotion Capital Goods Scheme

    • C. 

      Advance authorization

    • D. 

      Focus Market Scheme